Report Industry Investment Rating - No relevant content provided Core View of the Report - The narrative of strong terminal demand continues, the de - stocking of social inventory increases, and the degree of supply - demand mismatch deepens. However, from a fundamental perspective, the hedging pressure at the upper level is gradually released, weakening the upward momentum. The market has begun to show differences (there are rumors of mine resumption), and further stimulation from funds, events, and news is needed to continue the price increase. Otherwise, the price will be low [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 80,500 yuan with a decrease of 400 yuan; SMM industrial - grade lithium carbonate has an average price of 78,300 yuan with a decrease of 400 yuan [1] - For lithium carbonate futures contracts: Li2511 closed at 77,800 yuan with a decline of 1.12%; Li2512 closed at 79,060 yuan with a decline of 0.38%; Li2601 closed at 79,140 yuan with a decline of 0.45%; Li2602 closed at 79,000 yuan with a decline of 0.13%; Li2603 closed at 78,860 yuan with a decline of 0.43% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 920 yuan with a decrease of 11 yuan (Li2O: 5.5% - 6%); lithium mica (Li2O: 1.5% - 2.0%) has an average price of 1,290 yuan with a decrease of 25 yuan; lithium mica (Li2O: 2.0% - 2.5%) has an average price of 2,085 yuan with a decrease of 30 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) has an average price of 6,990 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) has an average price of 8,340 yuan with a decrease of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,925 yuan with a decrease of 100 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,950 yuan; the average price of ternary material 523 (single - crystal/power type) is 139,450 yuan; the average price of ternary material 613 (single - crystal/power type) is 138,150 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,200 yuan with no change; the difference between battery - grade lithium carbonate and the main contract is 1,360 yuan with a decrease of 980 yuan; the difference between the near - month and the first - continuous contract is - 80 yuan with an increase of 20 yuan; the difference between the near - month and the second - continuous contract is 60 yuan with an increase of 100 yuan [2] Inventory - The total inventory (weekly, tons) is 127,358 tons with a decrease of 3,008 tons; the inventory of smelters (weekly, tons) is 32,051 tons with a decrease of 1,630 tons; the inventory of downstream (weekly, tons) is 53,288 tons with a decrease of 1,987 tons; the inventory of others (weekly, tons) is 42,020 tons with an increase of 610 tons; the registered warehouse receipts (daily, tons) is 26,830 tons with an increase of 340 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 78,943 yuan, and the profit is 425 yuan; the cash cost of purchasing lithium mica concentrate externally is 82,750 yuan, and the profit is - 5,412 yuan [3]

Report Industry Investment Rating - No relevant information provided Core View of the Report - Terminal demand is strong, social inventory is continuously decreasing, and short - term supply - demand mismatch drives up prices. In the short term, prices are likely to move upwards due to supply - demand mismatch, but attention should be paid to hedging pressure. In the long - term, the report does not provide clear guidance [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 79,150 yuan with a rise of 650 yuan; SMM industrial - grade lithium carbonate has an average price of 76,950 yuan with a rise of 650 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 928 yuan with a rise of 3 yuan; lithium mica (Li20:1.5% - 2.0%) has an average price of 1330 yuan with a rise of 65 yuan; lithium mica (Li20:2.0% - 2.5%) has an average price of 2130 yuan with a rise of 65 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 7415 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 8825 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,595 yuan with a rise of 155 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,650 yuan with a rise of 150 yuan; the average price of ternary material 523 (single - crystal/power type) is 138,700 yuan with a rise of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 137,550 yuan with a rise of 200 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2200 yuan; the difference between battery - grade lithium carbonate and the main contract is - 3750 yuan with a change of - 610 yuan; the difference between the near - month and the first - continuous contract is - 1000 yuan with a change of - 320 yuan; the difference between the near - month and the second - continuous contract is - 1160 yuan with a change of - 320 yuan [2] Inventory - The total inventory (weekly, tons) is 130,366 tons with a decrease of 2292 tons; the inventory of smelters (weekly, tons) is 33,681 tons; the inventory of downstream (weekly, tons) is 55,275 tons with a decrease of 2460 tons; the inventory of others (weekly, tons) is 41,410 tons with an increase of 770 tons; the registered warehouse receipts (daily, tons) is 27,525 tons with an increase of 190 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 79,574 yuan, and the profit is - 1542 yuan; the cash cost of purchasing lithium mica concentrate externally is 84,524 yuan, and the profit is - 8509 yuan [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - High demand stimulates downstream to increase lithium carbonate purchases, driving social inventory reduction. The increase in lithium carbonate production may suppress futures prices. In the short - term, supply - demand mismatch pushes up prices [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,350 with a rise of 350; SMM industrial - grade lithium carbonate average price is 71,100 with a rise of 350 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 846 with a rise of 17; lithium mica (Li20:1.5% - 2.0%) average price is 1100 with a rise of 50; lithium mica (Li20:2.0% - 2.5%) average price is 1825 with a rise of 70; phospho - lithium - aluminum stone (Li20:6% - 7%) average price is 6400 with a rise of 265; phospho - lithium - aluminum stone (Li20:7% - 8%) average price is 7550 with a rise of 300 [1][2] Futures Contracts - Carbonate lithium 2510 closing price is 75,300 with a 2.23% increase; carbonate lithium 2511 closing price is 75,700 with a 2.55% increase; carbonate lithium 2512 closing price is 75,860 with a 2.4% increase; carbonate lithium 2601 closing price is 75,780 with a 2.32% increase; carbonate lithium 2602 closing price is 75,540 with a 2.39% increase [1] Price Differences - Electric - industrial grade lithium carbonate price difference is 2250; electric carbon - main contract price difference is - 2350 with a change of - 410; near - month - first continuous contract price difference is - 160 with a change of 40; near - month - second continuous contract price difference is - 80 with a change of 60 [2] Inventory - Total inventory (weekly, tons) is 132,658 with a decrease of 2143; smelter inventory (weekly, tons) is 34,283 with a decrease of 464; downstream inventory (weekly, tons) is 57,735 with a decrease of 2030; other inventory (weekly, tons) is 40,640 with an increase of 350; registered warehouse receipts (daily, tons) is 30,686 with an increase of 230 [2] Profit Estimation - Cash cost of purchased lithium spodumene concentrate is 74,442, and the profit is - 2159; cash cost of purchased lithium mica concentrate is 77,485, and the profit is - 7190 [3] Technological Breakthrough - Chinese researchers solved the interface contact problem of all - solid - state metal lithium batteries. The research team developed an anion regulation technology, and the results were published in the journal "Nature - Sustainable Development" [3]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View of the Report - In the short - term, while demand increases, supply also increases simultaneously, and the futures price may mainly fluctuate within a range. In the medium - to - long - term, production increases overall, which is the main factor suppressing the futures price. The fourth quarter is the traditional peak season for new energy vehicles, and after the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, with the increase in tender volume indicating strong installation demand [3] 3. Summary by Relevant Catalog Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,550 with no change, and the average price of SMM industrial - grade lithium carbonate is 71,300 with no change. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2] - Among futures contracts, the closing price of lithium carbonate 2510 is 73,580 with a 0.33% increase; lithium carbonate 2511 is 73,340 with a 0.27% increase; lithium carbonate 2512 is 73,500 with a 0.38% increase; lithium carbonate 2601 is 73,440 with a 0.38% increase; lithium carbonate 2602 is 73,240 with a 0.6% increase [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 843, down 15; lithium mica (Li20: 1.5% - 2.0%) is 1110, down 15; lithium mica (Li20: 2.0% - 2.5%) is 1835, down 20; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6080; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7190 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640; the average price of ternary material 811 (polycrystalline/power type) is 152,350, up 2000; the average price of ternary material 523 (single - crystal/power type) is 123,850, up 1500; the average price of ternary material 613 (single - crystal/power type) is 129,850, up 2500 [2] Price Differences - The difference between battery - grade lithium carbonate and the main contract is 210, down 540; the difference between the near - month and the first - continuous contract is - 160, down 100; the difference between the near - month and the second - continuous contract is - 100, up 60 [2] Inventory - The total inventory (weekly, tons) is 134,801, down 2024; the inventory of smelters (weekly, tons) is 34,747, up 1255; the inventory of downstream (weekly, tons) is 59,765, down 1128; the inventory of others (weekly, tons) is 40,290, down 2150; the registered warehouse receipts (daily, tons) is 42,379, up 670 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 74,486, and the profit is - 2006; the cash cost of purchasing lithium mica concentrate externally is 77,806, and the profit is - 7315 [3] Technological Breakthrough - A research team led by researcher Huang Xuejie from the Chinese Academy of Sciences' Institute of Physics, in collaboration with Huazhong University of Science and Technology and the Chinese Academy of Sciences' Ningbo Institute of Materials Technology and Engineering, developed an anion regulation technology, solving the problem of poor contact between the electrolyte and lithium electrode in all - solid - state metal lithium batteries. The research results were published in the international academic journal "Nature - Sustainable Development" on the 7th [3] Market Demand and Supply - In the fourth quarter, it is the traditional peak season for new energy vehicles. After the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, and the increase in tender volume indicates strong installation demand. The overall increase in production is the main factor suppressing the futures price [3]

Report Industry Investment Rating - No relevant content found Core Viewpoints - In the short term, factors such as the approaching traditional peak season for new energy vehicles, downstream stocking demand, and the appearance of independent energy storage economy support the futures price. However, in the long - term, the pattern of supply surplus remains unchanged [3] Summary by Related Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 73,750 yuan, a decrease of 100 yuan; SMM industrial - grade lithium carbonate has an average price of 71,500 yuan, a decrease of 100 yuan [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) has an average price of 856 yuan, with no change; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,140 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,875 yuan; petalite (Li20: 6% - 7%) has an average price of 6,150 yuan; petalite (Li20: 7% - 8%) has an average price of 7,285 yuan [1][2] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 33,690 yuan, a decrease of 20 yuan; the average price of ternary material 811 (polycrystalline/power type) is 148,050 yuan, an increase of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 120,750 yuan, an increase of 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 125,600 yuan, an increase of 500 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is - 290 yuan, a decrease of 1,260 yuan; the difference between the near - month and the first - continuous contract is - 300 yuan, a decrease of 100 yuan; the difference between the near - month and the second - continuous contract is - 320 yuan, a decrease of 100 yuan [2] Inventory - The total inventory (weekly) is 136,825 tons, a decrease of 706 tons; the inventory of smelters (weekly) is 33,492 tons; the inventory of downstream (weekly) is 60,893 tons, an increase of 1,398 tons; the inventory of others (weekly) is 42,440 tons, a decrease of 1,140 tons; the registered warehouse receipts (daily) is 40,309 tons, an increase of 560 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 75,328 yuan, with a profit of - 2,650 yuan; the cash cost of purchasing lithium mica concentrate externally is 78,729 yuan, with a profit of - 8,042 yuan [3] Industry News - On September 24, China announced new contributions at the United Nations Climate Change Summit, including increasing the proportion of non - fossil energy consumption to over 30% of the total energy consumption, and the total power generation capacity of electricity to reach more than 6 times that of 2020, aiming for 3.6 billion kilowatts [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall fundamentals of the lithium carbonate market have changed little, with both supply and demand increasing, and social inventories continuing to decline. Affected by the meeting held by CATL regarding the resumption of production of a key mine, market sentiment is negative, and there is a discussion about whether eight major mines will stop production simultaneously on September 30th. Fundamentally, if the mines stop production, the impact on the total supply will be limited as other sources can make up for it; sentimentally, it will stimulate the bullish sentiment in the market. In the short term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2] 3. Summary by Related Content Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 73,450, with a change of 300; the average price of SMM industrial - grade lithium carbonate is 71,200, with a change of 300 [1] Futures Contract Prices and Changes - The closing price of lithium carbonate 2510 is 72,620, with a decline of 0.9%; lithium carbonate 2511 is 72,880, with a decline of 0.74%; lithium carbonate 2512 is 72,980, with a decline of 0.79%; lithium carbonate 2601 is 72,940, with a decline of 0.84%; lithium carbonate 2602 is 72,820, with a decline of 0.84% [1] Lithium Ore Prices - The price of spodumene concentrate (CIF China) is 858 (1120 · 5 5% - 6%); lithium mica (Li20:1.5% - 2.0%) is 1105; lithium mica (Li20:2.0% - 2.5%) is 1815; phospho - lithium - aluminum stone (Li20:6% - 7%) is 6025; phospho - lithium - aluminum stone (Li20:7% - 8%) is 7125 [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 33,620, with an increase of 80; the average price of ternary material 811 (polycrystalline/power type) is 146,850, with an increase of 150; the average price of ternary material 523 (single - crystal/power type) is 119,850, with an increase of 150; the average price of ternary material 613 (single - crystal/power type) is 124,450, with an increase of 200 [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2250; the difference between battery - grade lithium carbonate and the main contract is 570; the difference between the near - month and the first - continuous contract is - 260, with a change of - 120; the difference between the near - month and the second - continuous contract is - 360 [2] Inventory - The total inventory (weekly, tons) is 137,531, with a decrease of 981 - 1757; the inventory of smelters (weekly, tons) is 34,456; the inventory of downstream (weekly, tons) is 59,495, with an increase of 1216; the inventory of others (weekly, tons) is 43,580, with a decrease of 440; the registered warehouse receipts (daily, tons) is 39,354, with an increase of 120 [2] Production Profit - The cash cost of purchasing spodumene concentrate externally is 75,430, and the profit is - 3049; the cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 6951 [2] Industry Policy - The eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", which aims to promote the industrialization of intelligent and connected vehicle technology, further standardize the competition order of the automobile industry, and promote diversified value - chain cultivation [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The fundamentals have limited support for futures prices, and it is expected to be mainly weak in a volatile manner [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 77,500 yuan, down 850 yuan; SMM industrial - grade lithium carbonate average price is 75,200 yuan, down 850 yuan [1] Futures Contracts - Carbonate lithium 2509 closed at 73,280 yuan, down 3.98%; carbonate lithium 2510 down 4.37%; carbonate lithium 2511 down 4.3%; carbonate lithium 2512 down 3.97%; carbonate lithium 2601 down 3.79% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) is 887 yuan, down 11 yuan; lithium mica (Li20: 1.5% - 2.0%) is 1205 yuan, down 25 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1920 yuan, down 30 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6365 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7390 yuan, down 85 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) average price is 34,600 yuan, down 205 yuan; ternary material 811 (polycrystalline/power type) is 145,900 yuan; ternary material 523 (single - crystal/power type) is 118,900 yuan; ternary material 613 (single - crystal/power type) is 123,925 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2300 yuan; the spread between battery - grade lithium carbonate and the main contract is 4880 yuan, up 2090 yuan; the spread between the near - month and the first - continuous contract is 40 yuan, up 60 yuan; the spread between the near - month and the second - continuous contract is 20 yuan, down 100 yuan [2] Inventory - Total inventory (weekly, tons) is 141,136 tons, down 407 tons; smelter inventory (weekly, tons) is 43,336 tons, down 3510 tons; downstream inventory (weekly, tons) is 52,800 tons, up 1293 tons; other inventory (weekly, tons) is 45,000 tons, up 1810 tons; registered warehouse receipts (daily, tons) is 32,007 tons, up 810 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 76,333 yuan; the profit of purchasing lithium spodumene concentrate externally is 50 yuan; the cash cost of purchasing lithium mica concentrate externally is 80,138 yuan; the profit of purchasing lithium mica concentrate externally is - 5811 yuan [3] Industry Events - A meeting on the lithium iron phosphate material branch council was held to discuss solutions to over - capacity and low - carbon transformation paths [3] - With the successful renewal of the xy safety license, the production of Jiangxi mica mines has been further reduced; downstream battery manufacturers' production schedules in September have increased, but downstream returns have weakened the transmission of increased demand [3]

Report Industry Investment Rating - No information provided Core View of the Report - With the smooth renewal of the xy safety license, the production of Jiangxi mica mines has been further reduced due to disturbances. On the demand side, the production schedule of downstream battery manufacturers in September has increased, providing some support for prices. However, downstream returns have weakened the transmission of increased demand. Overall, the fundamentals provide limited support for futures prices, and prices are expected to be mainly volatile and weak [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 79,650 yuan, down 350 yuan; the average price of SMM industrial - grade lithium carbonate is 77,350 yuan, down 350 yuan [1] Futures Contract Prices - The closing price of lithium carbonate 2509 is 77,000 yuan, down 0.16%; the closing price of lithium carbonate 2510 is up 0.26%; the closing price of lithium carbonate 2511 is 77,180 yuan, up 0.39%; the closing price of lithium carbonate 2512 is 76,920 yuan, up 0.65%; the closing price of lithium carbonate 2601 is 76,640 yuan, up 0.66% [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 894 US dollars, up 5 US dollars; the price of lithium mica (Li20: 1.5% - 2.0%) is 1,250 yuan, up 45 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 1,975 yuan, up 60 yuan; the price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6,550 yuan, up 175 yuan; the price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7,650 yuan, up 150 yuan [1][2] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 35,115 yuan, down 90 yuan; the average price of ternary material 811 (polycrystalline/power type) is 145,900 yuan; the average price of ternary material 523 (single - crystal/power type) is 119,100 yuan; the average price of ternary material 613 (single - crystal/power type) is 123,925 yuan [2] Price Spreads - The price spread between electric carbon and industrial carbon is 2,300 yuan/ton; the price spread between electric carbon and the main contract is 2,470 yuan, up 610 yuan; the price spread between the near - month and the first - continuous contract is - 240 yuan, down 140 yuan; the price spread between the near - month and the second - continuous contract is - 180 yuan, down 180 yuan [2] Inventory - The total inventory (weekly, tons) is 141,136 tons, down 4,070 tons; the inventory of smelters (weekly, tons) is 43,336 tons; the inventory of downstream enterprises (weekly, tons) is 52,800 tons, up 1,293 tons; the inventory of others (weekly, tons) is 45,000 tons, up 1,810 tons; the registered warehouse receipts (daily, tons) is 29,887 tons, up 930 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 76,733 yuan, and the profit is 1,779 yuan; the cash cost of purchasing lithium mica concentrate is 81,407 yuan, and the profit is - 4,973 yuan [3] Industry Event - A meeting of the Lithium Iron Phosphate Material Branch Council was held on August 22, with 13 participants including industry association officials and representatives from 10 lithium iron phosphate industry chain enterprises. The meeting discussed solutions to industry over - capacity and low - carbon transformation paths [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of lithium carbonate is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. Due to the price rebound, the supply increase in July is large, deepening the oversupply situation and dragging down the price increase. There are no signs of production cuts in the ore segment. It is expected that the downward pressure on the futures price of lithium carbonate will intensify as the purchasing pace slows down [3] Group 3: Summary of Related Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 63,300 yuan, with a daily increase of 400 yuan; the average price of SMM industrial - grade lithium carbonate is 61,700 yuan, with a daily increase of 400 yuan [1] - The closing prices and price changes of lithium carbonate futures contracts: Li2507 is 64,700 yuan, up 0.59%; Li2508 is 64,680 yuan, up 0.12%; Li2509 is 64,400 yuan, up 0.16%; Li2510 is 64,160 yuan, down 0.03%; Li2511 is 64,080 yuan, up 0.22% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 666 yuan, with a daily increase of 8 yuan; the average price of lithium mica (Li2O: 1.5% - 2.0%) is 820 yuan, with a daily increase of 20 yuan; the average price of lithium mica (Li2O: 2.0% - 2.5%) is 1385 yuan, with a daily increase of 30 yuan; the average price of lithiophilite (Li2O: 6% - 7%) is 4500 yuan, with a daily increase of 75 yuan; the average price of lithiophilite (Li2O: 7% - 8%) is 5340 yuan, with a daily increase of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,950 yuan, with a daily increase of 100 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,780 yuan, with a daily increase of 20 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,955 yuan, with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,255 yuan, with no change [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 1100 yuan, with a change of - 120 yuan; the price spread between the near - month and the first - continuous contract is 280 yuan, with a change of - 80 yuan; the price spread between the near - month and the second - continuous contract is 520 yuan, with a change of 20 yuan [2] Inventory - The total inventory (weekly, tons) is 138,347 tons, with an increase of 1510 tons; the inventory of smelters (weekly, tons) is 58,890 tons, with a decrease of 142 tons; the inventory of downstream enterprises (weekly, tons) is 40,497 tons, with a decrease of 138 tons; the inventory of other sources (weekly, tons) is 38,960 tons, with an increase of 1790 tons; the registered warehouse receipts (daily, tons) is 13,281 tons, with an increase of 626 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 62,506 yuan, and the profit is - 76 yuan; the cash cost of purchasing lithium mica concentrate is not clearly stated, and the profit is - 6886 yuan [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing [3]

Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate futures price is expected to decline in the short term, and there is a possibility of a negative feedback loop between the lithium carbonate price and the ore price in the later stage [3] Summary by Relevant Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 59,900 yuan/ton, down 50 yuan/ton [1] - SMM industrial - grade lithium carbonate average price is 58,300 yuan/ton, down 50 yuan/ton [1] Lithium Futures Prices - Lithium carbonate 2507 closed at 61,020 yuan/ton, up 2.01% [1] - Lithium carbonate 2508 closed at 60,900 yuan/ton, up 2.66% [1] - Lithium carbonate 2509 closed at 60,700 yuan/ton, up 3.06% [1] - Lithium carbonate 2510 closed at 60,580 yuan/ton, up 3.17% [1] - Lithium carbonate 2511 closed at 60,500 yuan/ton, up 3.28% [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) price is 617 yuan/ton, unchanged [1] - Lithium mica (Li20: 1.5% - 2.0%) price is 665 yuan/ton [2] - Lithium mica (Li20: 2.0% - 2.5%) price is 1190 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) price is 5225 yuan/ton, down 335 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 7% - 8%) price is 6075 yuan/ton, down 390 yuan/ton [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,160 yuan/ton, down 15 yuan/ton [2] - The average price of ternary material 811 (polycrystalline/power type) is 142,760 yuan/ton, up 10 yuan/ton [2] - The average price of ternary material 523 (single - crystal/power type) is 114,175 yuan/ton, up 50 yuan/ton [2] - The average price of ternary material 613 (single - crystal/power type) is 120,375 yuan/ton, unchanged [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton [2] - The price spread between battery - grade lithium carbonate and the main contract is - 800 yuan/ton, down 1630 yuan/ton [2] - The price spread between the near - month and the first - continuous contract is 120 yuan/ton, down 240 yuan/ton [2] - The price spread between the near - month and the second - continuous contract is 320 yuan/ton, down 280 yuan/ton [2] Inventory - The total inventory (weekly, tons) is 134,901 tons, up 1352 tons [2] - The smelter inventory (weekly, tons) is 58,625 tons, up 972 tons [2] - The downstream inventory (weekly, tons) is 40,366 tons, down 320 tons [2] - The other inventory (weekly, tons) is 35,910 tons, up 700 tons [2] - The registered warehouse receipts (daily, tons) is 22,375 tons, down 4404 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 60,012 yuan/ton, and the profit is - 948 yuan/ton [3] - The cash cost of purchasing lithium mica concentrate is 64,430 yuan/ton, and the profit is - 6856 yuan/ton [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing [3]